Hi interested,
We have not bought in TV yet, but I have been on this board for a while and I have seen some good discussions of title insurance. People do not agree on what to do.
You will not get a definitive answer I do not think, but you will be able to see different opinions.
When we first looked at TV for a second home, I had questions about title insurance. I would want it. Something that came up in the discussion while we were in TV was that the policy is paid for by the seller. I kept thinking I was not understanding that right. I still think I must be missing something. We paid for the title policy here on our Ohio house. That made sense to me because I saw the policy as a contract.
Just like getting clear title anywhere, I wondered about homes that could be a part of estates that maybe had not been properly settled or homes that were highly leveraged across the country by investors. And there is always the possibility of liens for work done but not paid for, and some other things, too.
At this point, we have not bought anything in TV so even though I say that I would buy it, I have not even bought the house yet.
Something that comes up in the discussion of title insurance is the idea that some people feel comfortable without it if they pay cash for the house. I have heard people say that cash buyers do not need to worry because it is just that the bank requires title insurance. When I hear that, I think, "Hellooooo, Cash Buyer, you are the bank in this one." I know that maybe the bank could have an interest in selling the actual policy. Don't really know about that. I just assume it is only that bank wants their interest in the property covered so why wouldn't I want the same thing? But that's just me. We all have our individual perspective on the odds.
I test big financial decisions with how well they let me sleep at night. To me, title insurance cost is the cost of sleep. But there are many well-informed, smart people on this board who did not buy title insurance and they have their own reasons. And heck, I haven't bought anything there yet. So what do I know? You need to hear from those who are in TV already.
Anyway, at risk of looking like I think I am some kind of retired librarian, when I saw your question I gathered up some old threads here for you to read if you want to. They are pretty old threads so I hope somebody will come along here and talk more about what they think about title insurance.
I hope these links are a start.
https://www.talkofthevillages.com/fo...ad.php?t=12790
Title Insurance
If you would like to search for additional threads on the topic, you can click on 'search' on the line above. You can ask it for thread searches or post searches. You might also want to try typing in 'closing costs' in the box and that could bring you more information to go through.
And I bet others will come in here with new posts for you on the topic, too.
Good luck with your decision.
Boomer